This article draws from Morningstar Direct data on August 2019 open-end mutual fund and ETF flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 75 firms with between $10 billion and $100 billion each in fund AUM. 27 of those firms gained net inflows in August, down from 30 in July.

Morgan Stanley kept the lead last month among mid-size fund firms, with estimated net August inflows of $827 million, yet those inflows still fell 39.9 percent from $1.451 billion in July. Other big August winners included: AllianceBernstein, $523 million (down from $557 million); Baird, $498 million (down from $1.439 billion); Edward Jones' Bridge Builder, $420 million (down from $598 million); and Rafferty's Direxion, $362 million (up from $566 million in net outflows).

On the flip side, August was another rough month for Harris' Oakmark, which suffered an estimated $1.478 billion in net outflows, again more than any other mid-size fund firm and up from $1.206 billion in July. Other big August sufferers included: WisdomTree, $1.142 billion (up from $117 million); DWS, $1.116 billion (up from $170 million); AQR, $920 million (up from $491 million); and Waddell & Reed's Ivy, $911 million (up from $835 million).

As a group, the 75 mid-size fund firms suffered an estimated $11.522 billion in combined net August outflows, equivalent to about 0.43 percent of their combined AUM. That's up from $2.342 billion in net July outflows. Put another way, in August mid-size fund firms accounted for 72.34 percent of net industry outflows.

Across the whole industry (M* tracks flows from 767 firms, down from 771 in July), long-term mutual funds and ETFs suffered a combined $15.927 billion in net outflows in August, equivalent to about 0.08 percent of industry AUM. That's down from $26.698 billion in net July inflows. Passive funds suffered $4.7 billion in net August outflows, while active funds suffered $11.227 billion in net outflows.

Editor's Note: Calculations for this story overlooked one of the 75 mid-size fund firms tracked in Morningstar Direct's data. After adding that firm's numbers into the calculations, the overall figures above have been updated accordingly.&nbsp